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San José-based power company Calpine Corp last month said Power Contract Financing (PCF), a subsidiary of Calpine Energy Services (CES), plans to sell $802 million of senior secured notes due in 2006 and 2010. It sounds much like any other standard investor relations announcement. But Calpine’s liquidity-enhancing efforts could provide a framework for other utilities to emulate, the company says.

The mechanics may be complex, but the benefits could be great, it adds. And with derivatives

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